Review on Samourai Wallet by Praise Olagbadun
Looking For Enough Privacy To Store Your Bitcoins? Check This Out
The privacy of users or traders happens to be some company's aim and leaving one's identii unknown seems to be some traders joy. This is mainly for security purposes I guess. Because when ones identity is known and the amount of funds he or she owns, there might be preparation for an attack. I guess one of the companies that has this covered very well is the Samourai wallet, what interests me the most is the fact that they chose to specialize on Bitcoin, a cryptocurrency with a very high market value. Before I go further in exploring the crypto wallet, allow me give a little history of the wallet. Well, it's a mobile-only wallet that is available on just mobile devices (it doesn't have an iPhone application yet because of the fact that they are not allowed yet as their privacy-keeping measures are too much for them, they also hope to make it available very soon after meeting their demands). The wallet was created to store just one cryptocurrency, Bitcoin and not just storing it alone but storing it and also keeping the owners privacy. The mobile wallet is available to anyone that needs it and I'll recommend it to people with a very high amount of cryptocurrencies, Bitcoin especially (and other expensive cryptocurrencies).
Moving to the ways in which this wallet tends to keep their users privacy secret. First is the use of some privacy features like VPN and TOR. This would help in hiding the IP address of the user or trader making the transaction. The private keys of users are also encrypted and stored on their device, making them to have virtually nothing to do with your funds. For every transaction made, the Samourai wallet tends to create a new wallet address. This would help in making the destination of the transaction difficult to trace. They also have some advanced features of privacy keeping.
The mobile wallet supports the SegWit transactions which reduces the cost of transactions and speeds it up. For traders who wants their transaction to be processed at a great speed then the Samourai wallet can be really helpful here as one can increase the speed of transaction by paying a bit higher fee than normal.
Pros
- The wallet takes privacy very serious by implementing various methods to keep their users privacy
- Their fees or transactions cost is lower than usual, mainly due to the fact that they support SegWit
- The speed of a transaction can be increased
- A user wallet can be recovered using the 12 word passphrase
Cons
- The wallet is currently limited to storing Bicoin only
- Their mobile application is available to only Android users
